The SpaceX IPO is the most brazen retail fleecing in modern market history.
NASDAQ has REWRITTEN the index rules specifically for this listing. The 10% minimum free float requirement: gone. The 3 to 12 month seasoning period before index inclusion: cut to 15 trading days. Companies with small floats can now be weighted at 3x their actual float.
Translation: every passive index fund, every 401k, every pension is about to be force-fed SPCX whether they want it or not.
And what exactly are they buying?
Class A shares carrying ONE vote each, while Musk holds 93.6% of the Class B super voting shares at TEN votes each. That gives him 85.1% of voting power on a 42% economic interest. He cannot be outvoted. He cannot be removed. CEO, CTO and board chairman simultaneously.
For reference: Zuckerberg controls 61% of Meta. Buffett 35% of Berkshire. Musk: 85.1%.
SpaceX is also claiming "controlled company" status, exempting it from needing a majority of independent directors. Shareholders waive the right to a jury trial. They waive the right to class actions. Mandatory arbitration only, courtesy of an SEC rule change pushed through on a party line vote last September.
$1.75 trillion valuation. $80 billion raise. Largest IPO in history.
The rules of the game were quietly rewritten so one man could extract maximum capital from retail while answering to no one.
Bought and added 2x to EVC, stopped out today. Above my entry price now.
Tried RXT 3x yesterday, stopped out all 3x. Up 60% today.
Bought INTC on the gap to 85. Stopped out same day.
Bought NBIS around 140. Couldn't hold above 21ema. Exited. Took my eyes off it watching something else. Rallies to 190 in 4 days.
Bought FLY on the earnings gap on 3/20. My buy stop triggers around $25.50, I see the price start going vertical. I can't cancel the order in time. $1.30 of slippage on 50k shares, 20 cents of slippage on the same day stop out. I watch it go to $45 over the next few weeks without me.
Bought CRWV above the HVE day on 4/13. Rallies 18%, pulls back to entry. Takes out LOD and stops me out by 80 cents. Rallies 31% straight up over the next 6 days.
Everyone who trades goes through this. I've lost 75% of my trades this year and most of them go like that. Stop out, round trip, etc. There's no secret, there's no magic. Just execution. Trusting the few winners will be enough to make up for all the losers.
BREAKING: Iran issues a statement DENYING President Trump's post which claimed the US and Iran have had "productive conversations" to end the Iran War:
Iran says:
1. "There has been no indirect or direct contact with President Trump"
2. President Trump is trying to "buy time" in the Iran War
3. President Trump "withdrew" from power plant strikes after Iran's "firm warning"
4. President Trump's comments are "psychological warfare"
5. "Hormuz will not return to pre-war conditions as long as psychological warfare continues"
Iran has entirely denied all of President Trump's claims.
@KobeissiLetter I call "multiple countries" bullshit. only GB and France have navy that can defend from those attacks. also maybe Japan or S.Korea, but I don't think they want to be involved.